{"id":181682,"date":"2021-02-18T15:50:36","date_gmt":"2021-02-18T12:50:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/melvin-capitals-gabe-plotkin-was-target-of-anti-semitism\/"},"modified":"2021-02-18T15:50:36","modified_gmt":"2021-02-18T12:50:36","slug":"melvin-capitals-gabe-plotkin-was-target-of-anti-semitism","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/melvin-capitals-gabe-plotkin-was-target-of-anti-semitism\/","title":{"rendered":"#Melvin Capital’s Gabe Plotkin was target of anti-Semitism"},"content":{"rendered":"

“#Melvin Capital’s Gabe Plotkin was target of anti-Semitism<\/strong>”
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The head of the hedge fund at the center of last month\u2019s Game<\/a>Stop frenzy says Reddit<\/a>ors targeted him with anti-Semitic insults and text messages.<\/p>\n

Melvin Capital founder Gabe Plotkin made the disturbing claim in prepared testimony he plans to deliver at Thursday\u2019s House Financial Services Committee hearing on the recent populist revolution in the stock market.<\/p>\n

Melvin became a prime target of rookie traders on Reddit\u2019s WallStreetBets forum because it had taken a short position in GameStop, meaning it was betting that the struggling video-game retailer\u2019s stock price would fall.<\/p>\n

While Reddit users encouraged each other to \u201ctrade in the opposite direction\u201d of Melvin\u2019s investments, they also took aim at Plotkin personally, he said.<\/p>\n

\u201cMany of these posts were laced with antisemitic slurs directed at me and others,\u201d Plotkin said in his testimony<\/a>. \u201cThe posts said things like \u2018it\u2019s very clear we need a second holocaust, the jews can\u2019t keep getting away with this.\u2019 Others sent similarly profane and racist text messages to me.\u201d<\/p>\n

WallStreetBets has a reputation for being foul-mouthed and crass. Its users frequently refer to each other as \u201cretards\u201d \u2014 an offensive slur for people with intellectual disabilities \u2014 and Keith Gill, the Redditor credited with spearheading the GameStop rally, goes by \u201cDeepF\u2014ingValue\u201d on the forum.<\/p>\n

But Reddit CEO Steve Huffman defended WallStreetBets in his prepared testimony, saying the 9.1 million-member message board is an online community with \u201csignificant depth.\u201d<\/p>\n

\u201cWallStreetBets may look sophomoric or chaotic from the outside, but the fact that we are here today means they\u2019ve managed to raise important issues about fairness and opportunity in our financial system,\u201d Huffman said<\/a>.<\/p>\n

Plotkin\u2019s testimony also detailed how the unprecedented surge in GameStop\u2019s stock price affected him professionally as well as personally.<\/p>\n

Melvin Capital \u2014 which Plotkin named after his grandfather \u2014\u00a0closed its short position in GameStop at a loss in the last week of January as the company\u2019s stock price soared to a peak of $483 a share.<\/p>\n

Melvin had held that position since it was founded six years ago because the fund believed GameStop\u2019s business model of selling video games in brick-and-mortar stores was \u201cbeing overtaken by digital download<\/a>s through the internet,\u201d Plotkin said.<\/p>\n

Melvin abandoned the bet \u201cnot because our investment thesis had changed but because something unprecedented was happening,\u201d Plotkin said. \u201cWe also reduced many other Melvin positions at significant losses \u2014 both long and short \u2014 that were the subject of similar posts.\u201d<\/p>\n

Despite the turmoil, Plotkin insisted that the $2.75 billion investment Melvin got from Ken Griffin\u2019s Citadel and Steve Cohen\u2019s Point72 in late January was not meant to bail out the fund as it grappled with heavy losses.<\/p>\n

\u201cTo be sure, Melvin was managing through a difficult time, but we always had margin excess and we were not seeking a cash infusion,\u201d he said.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Melvin Capital’s Gabe Plotkin was target of anti-Semitism” The head of the hedge fund at the center of last month\u2019s GameStop frenzy says Redditors targeted him with anti-Semitic insults and text messages. Melvin Capital founder Gabe Plotkin made the disturbing claim in prepared testimony he plans to deliver at Thursday\u2019s House Financial Services Committee hearing…<\/p>\n","protected":false},"author":1,"featured_media":181683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/02\/gabe-plotkin-39.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[93894,52214,72128,71070,5005,70359],"class_list":["post-181682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-2-18-21","tag-congress","tag-gamestop","tag-hedge-funds","tag-reddit","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/181682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=181682"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/181682\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/181683"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=181682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=181682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=181682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}